(NYSE: SHOP) stock is making a run for new highs right now, but there's a good chance it could set further records heading into 2024. The online marketplace platform provider has been slashing its cost infrastructure, and these savings are hitting the income statement just as sales trends are reaccelerating.
As you might expect, these trends are having a powerful impact on Shopify's bottom line as we head into the crucial holiday shopping season. Wall Street has responded to the positive news by pushing shares higher, too. So let's take a look at why Shopify might still be worth putting in your portfolio even after its rally so far this year.
Shopify is getting a lot of approval from Wall Street for its cost cuts this year, but investors should be just as excited about its fantastic revenue trends. Sales volumes on its platform jumped by $10 billion, or 22%, this past quarter.
Source Fool.com